A number of existing home loan borrowers, who are not satisfied with the services of their existing lender, are now choosing to transfer their loans to another bank. The transfer of loan, also called refinancing, has become popular in the Indian market, nowadays. The main reason of transferring a home loan is to get advantage of a lower rate prevailing in the market. Apart from this, there can be few other reasons, such as:

When you are not satisfied with the services of your existing lender.

When your existing lender is not flexible enough to incorporate something new into the scheme.

When you want to increase the tenure of your loan or decrease the EMI, but the current lender does not agree to it.

When the value of your property has shot up much above the original value and you want to top-up your loan for renovation or other requirements, but the lender does not agree to it. [Read more…]